Time is the one irreplaceable asset common to all companies of all sizes everywhere. It is the most critical and valuable resource which any business has access to. Yet, it is one of the least carefully managed assets, perhaps because it doesn't appear on the balance sheet or income statement, or because it is not tangible or because it seems to be free. Time squandered defeats the best-laid plans. Carefully used, it makes the task of management more effective, less panicked and more controlled. The sad truth is that time, once spent, is gone and can never be retrieved.
The seven-step approach to time management shown here is a process designed to enable you to regain control of your time, your business and your profits. The objective is to have you be in control of what is going on in your business, not be controlled by it. By following the process outlined, you will dramatically increase your knowledge of your business as well as become a more effective time user. Of all the assets of the business, time is the most critical and yet the most often wasted, and time is nonrenewable. You can always raise more cash or hire another person, but time must be spent wisely - once gone, it is gone. You never get another chance at using it. Very simply, your profits are a function of your ability to control and effectively manage the limited time resources of yourself and your staff.
The Strategic Management Learning System (SMLS) is a proven business management training program developed by Dr. William R. Osgood and adopted by the U.S. Small Business Administration as their first complete learning system created by a single author. © 2008
